A Chinese dancer smiles during a performance to open the Ditan Temple Fair for Lunar New Year, in Beijing, China, on Feb. 17, 2007. / NATALIE BEHRING BLOOMBERG NEWS

by Julia Huang, USA TODAY

by Julia Huang, USA TODAY

Most U.S. holidays pay homage to a person or an event important to an ethnic or religious group. Regardless of whether or not the holiday is a congressionally approved day off, most Americans take time to celebrate holidays regularly for a few hours or possibly a long weekend.

It can be argued that a national holiday is an indicator of how influential or significant a culture has become to the U.S. by measuring the number of people outside the group celebrating the holiday. For example, St. Patrick's Day celebrates the Irish roots of Americans, but most everyone participates in the day-long festivities of green beer and parades. Likewise, Martin Luther King Jr. Day now transcends the African-American community that originally honored the civil rights leader.

The Lunar New Year (LNY), celebrated for a week around the world, is by far the most significant holiday in the world and yet isn't widely celebrated in the U.S. outside of the Asian community.

On Sunday, LNY will be celebrated by millions of Asian Americans as well as billions of Asians abroad. In China alone, 250 million factory workers step away from their jobs to celebrate LNY with family and friends. Lost productivity from workers caught up in the festivities will disrupt trade flows from Latin America to Africa and the Middle East. This global celebration is also becoming a greater challenge for U.S. businesses with each passing year.

American retailers such as Macy's and The Container Store will be forced to adjust operational supply chains to ensure they don't run out of stock while their suppliers are celebrating. Interestingly, statistics from the Department of Commerce show it is also the best time of year for the U.S. to cut the trade deficit with China. Last year's LNY figures show the trade deficit with China falling from $20 billion in January to $15.2 billion in February when the celebration takes place. Since 2007, the first quarter consistently delivers the narrowest trade gap of the year between the two global powers. The Super Bowl, an unofficial U.S. national holiday, pales in comparison with its estimated $820 million a year in lost productivity.

The Asian-American population might be small compared with the billions in Asia, but it is still the fastest-growing, highest-earning and best-educated racial group in the USA. There isn't a single Fortune 100 company unaware of the "shut down" caused by LNY.

The rapid ascent of LNY in the U.S. shouldn't be too surprising, considering the growing influence of Asians and Asian Americans on culture and society. Last year, Korean pop star Psy's Gangnam Style video surpassed Justin Bieber's as the most-viewed YouTube video of all time with 1.2 billion views. And "Linsanity" turned Taiwanese-American basketball player Jeremy Lin into one of the biggest sports stories of the year.

Over the past few decades, many cities have tried to take advantage of this growing influence by developing areas usually known as Chinatown that not only celebrate all Asian cultures but also are hubs for successful Asian-owned businesses and trade. Most large American companies, and many small businesses, understand the power of Asia and have focused a significant amount of time and resources on developing trade throughout the region.

It might be some time before the Lunar New Year gains formal recognition as a U.S. federal holiday or receives the news media attention it deserves. But there is no doubt that Asian culture has an enormous and growing impact on Americans and our economy. As more and more people celebrate the LNY beginning Sunday, it should be further proof that Asians are not just an economic convenience but an integral part of the American life.